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USD/CAD takes another crack at weekly PP

© Dukascopy Bank SA
"But if the U.S. economic recovery is indeed continuing and we see a fairly healthy jobs number, the story remains intact for a December rate rise, which should mean some further strengthening of the dollar and some more downside for gold." 
- Mitsubishi Corp (based on CNBC)


Pair's Outlook
In spite of several negative to the US Dollar signs, it still managed to outperform the Canadian currency after testing both the 1.33 and 1.34 levels. The weekly PP keeps providing resistance, which the USD/CAD was unable to pierce through all of the week, while the support cluster is still represented by the 20-day SMA, the weekly S1 and the monthly PP around 1.33. Technical studies, however, are giving bullish signals, suggesting the immediate resistance cluster is to be breached, with the second target located at 1.3450. 

Traders' Sentiment  
Although not as strong as yesterday, as 56% of traders hold short positions, compared to 58% on Thursday. There are still a lot of orders to sell the Greenback, namely 57% (previously 64%).
© Dukascopy Bank SA


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